Mortgages remain most difficult product to switch

Jessica Nangle

April 10, 2017

love heart home homeownership

For the third year in a row mortgages have come top of the table when it comes to the most difficult product to switch, research from comparison website GoCompare reveals.

In its latest ‘Switching Report’ the comparison site showed only 45% of people said the process had been straightforward, a 16% year-on-year decrease.

Matt Sanders, head of money and protection at GoCompare.com, said: “Some products are clearly easier to switch than others but it is also true to say that some providers and sectors have embraced switching more than others.

Scottish most proactive when it comes to switching mortgage

“Switching enables you to take advantage of lower premiums, more favourable interest rates and lower charges, giving you the potential to save hundreds of pounds on a range of products and services.

“However, the right to easily shop around and take your custom elsewhere, is not one that is universally recognised by all providers.

“As a result it can take a bit of effort to switch sometimes but any hassle is usually greatly outweighed by the financial benefits.”

Mortgages have held this position since tougher mortgage lending rules introduced in 2014 from the FCA which led to homebuyers and remortgagors facing tougher checks before being granted a mortgage.

Changing home (88%) and car insurance (86%) and, gas and electricity supplier (79%) were voted as the easiest switches. For the third consecutive year, mortgages were considered the most difficult product to switch with only 45% of people saying that the process had been straightforward.

The survey questioned those who had shopped around for financial services in the last 12 months, and the full table can be viewed below.

 

 

 

Rank in 2017 Product switched ‘Was it easy to switch?’
2017 2016 2015 2014
1 Home insurance 88% 84% 90% 90%
2 Car insurance 86% 82% 88% 84%
3 Energy provider 79% 76% 75% 75%
4 ISA or savings account 76% 78% 78% 79%
5 Credit card 76% 76% 82% 83%
6 Mobile phone provider 72% 68% 70% 72%
7 Land line-telephone 71% 68% 78% 80%
8 Bank account (current account) 67% 73% 75% 77%
9 Broadband provider 65% 69% 72% 68%
10 Mortgage 45% 61% 59% 70%

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